US Dollar Majors, Gold, Silver, Oil, S&P 500, Dow Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we’re tracking into the weekly open / November close
• Next Weekly Strategy Webinar: Monday, December 4 at 8:30am EST
• Review the latest Weekly Strategy Webinars on my YouTube playlist.

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Australian Dollar (AUD/USD), Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and the Dow Jones (DJI). These are the levels that matter on the technical charts heading into the weekly open.

US Dollar Price Chart – USD Weekly (DXY)

Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView

The US Dollar Index is approaching a key support hurdle just lower at 102.55/99- a region defined by the 61.8% Fibonacci retracement of the yearly range, the 2016 high-close, and the January low-week close. Looking for a reaction into this zone- risk for an exhaustion low with the October decline vulnerable while above. Initial resistance at the yearly open / 52-week moving average at 103.50/60 – ultimately a breach above 105.67 is needed to mark uptrend resumption. Review my latest US Dollar Technical Forecast for a closer look at these levels.

Gold Price Chart – XAU/USD Weekly

Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView

We’ve narrowed the focus to this key resistance hurdle in gold at 2016/23 – a region defined by record high-week close, and the 78.6% retracement of the May decline. Ultimately, a breach / weekly close above the Record High-Close at 2035 would be needed to fuel another run at the highs (2075/81). Monthly-open support at 1983 with medium-term bullish invalidation now raised to the 52-week moving average / 38.2% retracement of the October rally at 1928/38.

Silver Price Chart – XAG/USD Weekly

Chart Prepared by Michael Boutros, Sr. Technical Strategist; Silver on TradingView

The silver breakout has extended into confluent resistance at 24.88/96- a region defined by the 100% extension of the October advance and the 78.6% retracement of the May decline (note that the 2021 trendline converges on this threshold over the next few weeks). Looking for a reaction up here with a breach / close above needed to keep the immediate advance viable. Initial support rests at 23.95-24.05 with medium-term bullish invalidation now raised to the 52-week moving average, currently near ~23.41.

Economic Calendar – Key USD Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com

Follow Michael on X @MBForex